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2423 Fountain Drive Irving, TX 75063

4 Beds 4 Baths 4,007 sqft Built 2014

$725,000

List Price

$3,560

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $180.93
  • 3 Days on Market
  • MLS # : 14471269
  • Updated Date : 11/13/2020 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,007 sqft
  • Baths : 4 full
Listing Agent

Ambrose Real Estate

Listing Agent's Description

PREMIUM home in a highly sought after community of Bridges of Las Colinas backing to greenbelt and Lake Rialto. Centrally located near major highways. Extensive hand scraped red oak floors in the entire home except 3 bedrooms, media room and bathrooms. Built by Darling Homes this sprawling floor plan offers 4 large bedrooms, 4 bathrooms, game and media rooms, formal dining and 3-car garage. Secondary bedroom on the main level makes a terrific guest suite. Modern kitchen, granite counter space, dark maple cabinets, double ovens and gas cooktop. Private master suite complete with a luxurious bath and a walk-in shower with direct access to the laundry room through the master closet.

SEE MORE

MARKET HIGHLIGHTS

  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)
  • Dallas metro's economy is worth $579 billion in Gross Metro Product and projected to grow to $613 billion in 2019 (USMayors.org, 2018)
  • Home to 20 Fortune 500 headquarters, 39 Fortune 1000 headquarters and 12 of Forbes' top private companies (Fortune)
  • Dallas metro contributes to 31.9%% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Dallas metro has 67.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $107k482k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Las Colinas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800300032003400Rent in $10433419

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Las Colinas Elementary School Primary Regular 592 32 9
Barbara Bush Middle School Middle Regular 672 44 4
Ranchview High School High Regular 843 56 5

Las Colinas Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 32
9
GreatSchools Rating

Barbara Bush Middle School

  • Education Level: Middle
  • # of students: 672
  • # of teachers: 44
4
GreatSchools Rating

Ranchview High School

  • Education Level: High
  • # of students: 843
  • # of teachers: 56
5
GreatSchools Rating
 

$652,500$797,500$725,000

PURCHASE PRICE

$3,204$3,916$3,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,560
EXPENSES Loan Payment -$2,675
Property Tax -$1,602
Property Insurance -$259
HOA -$163
Property Management Fees -$99
CASH FLOW
-$1,237

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$725,000

PROJECTED PRICE

$3,560

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 3.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$197,875

INVESTMENT

$197,875

Down Payment
$181,250
Rehab Estimate
$5,750
Closing Costs
$10,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,675

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $181,250
Loan Amount $543,750
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$17

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,560

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $3,576

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$3,290
1$3,2902$3,5003$3,5604$3,7005$3,800
$3,800
RENT COMPS ANALYSIS
  • 2423 Fountain Drive Irving, TX 3
    • 4 beds 4 baths ∙ 4,007 Sqft ∙ Built 2014 4 beds 4 baths ∙ 4,007 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,560
    • $0.89
    •  
  • 7249 Ridgepoint Drive Irving, TX 1
    • 4 beds 5 baths ∙ 3,819 Sqft ∙ Built 2016 4 beds 5 baths ∙ 3,819 Sqft ∙ Built 2016
    property image
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,290
    • $0.86
    •  
  • 7416 Bradford Pear Drive Irving, TX 2
    • 5 beds 4 baths ∙ 4,007 Sqft ∙ Built 1996 5 beds 4 baths ∙ 4,007 Sqft ∙ Built 1996
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.87
    •  
  • 7312 Marquis Lane Irving, TX 4
    • 4 beds 5 baths ∙ 4,004 Sqft ∙ Built 2016 4 beds 5 baths ∙ 4,004 Sqft ∙ Built 2016
    property image
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $0.92
    •  
  • 7038 Mesa Verde Avenue Irving, TX 5
    • 4 beds 5 baths ∙ 4,127 Sqft ∙ Built 2015 4 beds 5 baths ∙ 4,127 Sqft ∙ Built 2015
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $0.92
    •  
PROPERTY LISTING DETAILS
Ambrose Middleton
Ambrose Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14471269
Last Updated: 11/13/2020
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